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Thread: How public worker pensions are too rich for New York's - and America's - blood

  1. #1
    Senior Member
    Join Date
    Apr 2005
    The weather sucks in Seattle

    How public worker pensions are too rich for New York's - and America's - blood

    How public worker pensions are too rich for New York's - and America's - blood

    He did nothing illegal. At 44, Hugo Tassone retired from the Yonkers police force with an annual pension of $101,333 - thanks to overtime pay he tacked on to his $74,000 salary. Tassone told The New York Times it was the pension he could collect after 20 years of service that attracted him to the job in the first place.

    Heís not alone. In the last decade, half of the police and firefighters who retired in Yonkers collected pensions that exceeded their base pay, in (at least one case) by as much as 75%.

    Donít blame the officers. New Yorkís pension rules make it pay more to retire than to work. And the horrible habits here are a window on a national pension picture thatís looking more disastrous by the day.

    The bill is now coming due.

    Professor Joshua Rauh of Northwestern University projects that even if public sector plans earn 8% on their investments, four states - Illinois, New Jersey, Connecticut and Indiana - will run out of assets to pay retirees by the end of the decade. States and local governments will soon find themselves up against a painful tradeoff: between closing schools and libraries and cutting other essential services or paying inflated pensions to 50-year-old retirees.
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    ďThe problem with socialism is that you eventually,
    run out of other peopleís money.
    Ē - Margaret Thatcher

  2. #2
    Senior Member NIKV69's Avatar
    Join Date
    Apr 2005
    I am all for pensions but this is a bit crazy. UPS has a good system in which you don't get over what you were making and you pay a nominal fee a month for life for full health care. Everyone wins and you don't bankrupt the company. Unlike GM and what is beginning to happen in the public sector.
    'My idea of a good picture is one that's in focus and of a famous person doing something unfamous.' Andy Warhol

  3. #3
    Senior Member emshighway's Avatar
    Join Date
    Sep 2006
    Middle Village
    Many Police Officers and Firefighters basically were forced to retire in 2002 because of all the overtime they got working at the WTC after 9/11. They would have lost too much money in pension if they stayed. This is common practice to work your a$$ off your last three years as these are taken to calculate your pension.

  4. #4
    Moderator mirrodie's Avatar
    Join Date
    May 2005
    Me like the Robert Downey Jr of cooooooookies!
    And its common on the LIRR as well. Work your tail off inteh last 4-5 years. You can even work a new position at a higher rate pay for a few months and retire at that higher rate.
    And I, I took the path less traveled by
    and that has made all the difference......yet...
    I have a feeling a handle of people are going to be very interested in what I post in the near future.


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